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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Rental income from operating leases $ 126,418 $ 112,715 $ 248,063 $ 224,189
Earned income from direct financing leases 347 397 703 802
Percentage rent 164 112 638 297
Real estate expense reimbursement from tenants 3,248 3,324 6,838 6,838
Interest and other income from real estate transactions 301 213 764 376
Interest income on commercial mortgage residual interests 448 447 901 892
Total revenues 130,926 117,208 257,907 233,394
Operating expenses:        
General and administrative 8,735 7,830 17,984 16,435
Real estate 4,567 4,658 9,355 9,417
Depreciation and amortization 36,489 34,202 71,144 66,343
Impairment – commercial mortgage residual interests valuation 632 428 852 428
Impairment losses – real estate and other charges, net of recoveries 5,459 2,686 6,031 3,714
Total operating expenses 55,882 49,804 105,366 96,337
Earnings from operations 75,044 67,404 152,541 137,057
Other expenses (revenues):        
Interest and other income (72) (35) (91) (47)
Interest expense 24,081 21,678 47,667 43,464
Real estate acquisition costs 280 96 409 695
Total other expenses (revenues) 24,289 21,739 47,985 44,112
Earnings before income tax benefit 50,755 45,665 104,556 92,945
Income tax benefit 0 495 0 54
Gain on disposition of real estate, net of income tax expense 1,178 30 18,053 7,230
Earnings including noncontrolling interests 51,933 46,190 122,609 100,229
Loss (earnings) attributable to noncontrolling interests 9 (2) 16 (62)
Net earnings attributable to NNN 51,942 46,188 122,625 100,167
Net earnings attributable to common stockholders $ 43,084 $ 37,330 $ 104,908 $ 82,450
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.30 $ 0.28 $ 0.74 $ 0.62
Diluted (in dollars per share) $ 0.30 $ 0.28 $ 0.73 $ 0.62
Weighted average number of common shares outstanding:        
Basic (in shares) 143,443,375 133,267,292 142,141,990 132,470,700
Diluted (in shares) 143,976,712 133,600,656 142,693,785 132,824,800
Other comprehensive income:        
Net earnings attributable to NNN $ 51,942 $ 46,188 $ 122,625 $ 100,167
Amortization of interest rate hedges 707 418 1,402 832
Fair value forward starting swaps 312 0 312 0
Net gain (loss) – commercial mortgage residual interests 282 (38) 107 (384)
Net gain (loss) – available-for-sale securities 379 (147) 553 (74)
Comprehensive income attributable to NNN 53,622 46,421 124,999 100,541
Earnings before gain on disposition of real estate, net of income tax expense 50,755 46,160 104,556 92,999
Series D Preferred Stock        
Other expenses (revenues):        
Dividends [1] (4,762) (4,762) (9,523) (9,523)
Series E Preferred Stock        
Other expenses (revenues):        
Dividends [1] $ (4,096) $ (4,096) $ (8,194) $ (8,194)
[1] The Series D and E preferred stock have no maturity date and will remain outstanding unless redeemed. The earliest redemption date for the Series D and Series E preferred stock is February 2017 and May 2018, respectively.